Senators Max Baucus and Orrin Hatch, chairman and ranking member respectively, of the US Senate Finance Committee, have just announced that they have reached agreement on legislation to extend certain expiring tax provisions. The bill will be marked up by the Finance Committee on August 2.
The details of the proposal have not been announced. However, it is possible that the package could contain an extension of the Production Tax Credit (“PTC”).
Even if the PTC is included in the Baucus-Hatch proposal, the legislation still must be passed by the Senate and House of Representatives. The House (including the Ways & Means Committee) has not yet acted on expiring provisions.
We will update this blog as details are released.